Marketing activities plan

The government have disclosed plans to rescue the real estate market, but the strategy remains unclear as developers wait for guidelines and details on the measures. State Bank governor Nguyen Van Binh said commercial banks could earmark VND20,000-40,000 billion ($960 million-$1.9 billion) for property lending. Nguyen Quoc Khanh, general director of DTJ Investment and Distribution Company, said the first the process first requires a full accounting of unsold housing units, especially those which were completed already. A second category would include units still under construction. Khanh said that different approaches would be applied to different groups, with a higher priority placed on projects which were completed or nearly complete. Less funding would be applied to projects in an early stage of counters. Projects which were just broken ground should considered to halt for a while to wait for the market to be warmer, Khanh said. Khanh also said that the current measures are … [Read more...] about Market rescue plan remains unclear

Profit-taking, share listings cut market activity; VN Index falls (26-03-2007) HCM CITY — The VN Index continued its downward trend, falling almost 19 points from the previous week to 1090.76. However on the first trading day, the index marked a gain of 23.58 points before sliding in the four following trading days. The fall may be partly attributed to participants at the two-day Euromoney conference early last week who complained about Viet Nam’s hot securities market, saying it should be 30 percent lower. Various foreign investors including investment funds sold their stocks, saying the high share price had already brought profits to their investment. The looming potential supply with many listed companies having plans to issue additional shares might be a contribution to the recent fall. Of the 107 companies listed on the HCM City Securities Trading Center, 79 suffered losses while three stayed level and 25 survived the trend and went up. Of the winners, enamel tile … [Read more...] about Profit-taking, share listings cut market activity; VN Index falls

The HCM City Investment and Trade Promotion Centre (ITPC) has identified the US and Japan as the largest markets for exports this year, the ITPC director said on Jan. 26. Speaking at a meeting in HCM City, Tu Minh Thien said the Japanese market was now wide open to Vietnamese-made products because of the signing of the Vietnam-Japan Economic Partnership Agreement (VJEPA), under which many of the country's export items to Japan will enjoy a zero-percent tax rate. With the tax cuts, Vietnamese businesses can compete on price with other rivals in the Japanese market. ITPC plans to open a centre in Japan 's Nagoya City in April, aiming to push up business co-operation and trade promotion programmes in the Japanese market. Thien noted that the US Government would also strengthen business cooperation with Vietnam this year. Last year, the US President in his State of the Union address announced a National Export Initiative (NEI) to double exports over the next five years. A core … [Read more...] about HCM City trade centre puts focus on US, Japanese export markets

A big mystery seller of futures contracts during the market meltdown last week was not a hedge fund or a high-frequency trader as many have suspected, but money manager Waddell & Reed Financial Inc, according to a document obtained by Reuters.Waddell on May 6 sold a large order of e-mini contracts during a 20-minute span in which U.S. equities markets plunged, briefly wiping out nearly $1 trillion in market capital, the internal document from Chicago Mercantile Exchange parent CME Group Inc said. The e-minis are one of the most liquid futures contracts in the world, providing holders exposure to the benchmark Standard & Poor's 500 Index. The contracts can act as a directional indicator for the underlying stock index. Regulators and exchange officials quickly focused on Waddell's sale of 75,000 e-mini contracts, which the document said "superficially appeared to be anomalous activity." More than a week after the incident, it was still not clear what impact the unusual trading in … [Read more...] about Money manager firm behind mysterious market plunge

Vietcombank, Vietnam's top lender by market value, plans to sell new shares to foreign investors, equivalent to 10 percent of existing stock, to meet capital requirements and fund strategic activities, bank officials said. The lender is working with Credit Suisse to study potential investors and expects a deal to come this year, bank board member Le Thi Hoa told Reuters. Japan's Mizuho Bank, which owns 15 percent of Vietcombank, will buy more shares to at least maintain their current ownership ratio, and may increase their ownership up to 20 percent, Hoa said. Vietnam law prevents one foreign investor from holding more than 20 percent of a bank. Vietcombank will seek shareholder approval for the plan on April 15. … [Read more...] about Vietcombank plans new issue of 10 pct of stock for foreigners